I n v e s t o r D a y

2 0 2 0 I n v e s t o r D a y 2020

V I D E O 1

2 AGENDA

I n v e s t o r D a y 2020

2.00 – 2.30 pm Welcoming remarks

2.30 – 3.00 pm Sustainability presentation – Q&A

3.00 – 3.30 pm Biopackaging presentation – Q&A

3.30 – 4.00 pm Softys presentation – Q&A

4.00 – 4.30 pm Pulp presentation – Q&A

4.30 – 5.00 pm Strategic vision – Q&A I n v e s t o r D a y 2020

V I D E O 2 CMPC I n v e s t o r D a y

Sustainability at CMPC

Nicolás Gordon INDEX

Sustainability at CMPC – Strategic Focus

Governance

Focus Areas

CMPC Sustainability Goals

Ongoing Sustainability Initiatives and Projects

CDP & DJSI

Indexes and Recognition

Reporting and Disclosures

Memberships Strategic focus corporate purpose and material issues

Commitment with the Sustainable Development Goals (SDGs) Of the 2030 Agenda

Impacts identified through the ESG materiality analysis

Risks to which we, as a company, and our stakeholders are exposed

7 Governance for sustainability

EMPRESAS CMPC BOARD OF DIRECTORS

SUSTAINABILITY COMMITTEE

Chief Corporate Head of Sustainability Chairman Board Members (2) CEO Affairs Officer

SOFTYS SUSTAINABILITY COMMITTEE … …. … … …

High standard of corporate governance for Respect for the people, their dignity and sustainable management in the social and rights, and the environment environmental dimensions Specialized committee structure for the Corporate culture of ethics and strict management of strategic issues compliance with the laws and regulations Sustainability Committee directly oversees of each country where we operate the implementation of CMPC’s sustainability Emphasis on the prevention of corruption strategy and ensures the fulfillment of the and anticompetitive practices related goals and objectives

8 Sustainability dimensions at CMPC

SOCIAL

OUR PEOPLE SUPPLY CHAIN COMMUNITIES CLIENTES AND CONSUMERS -Talent -Responsible procurement -Community Engagement -Satisfaction -Development -Local and SME Suppliers -Local Development and Contractors -Innovative and -Diversity and inclusion -Corporate Citizenship value-added -Health and Safety -Education products

ENVIRONMENTAL

FORESTS WATER ENERGY EMISSIONS WASTE -Sustainable Forest -Water Efficiency -Renewable Energy -Greenhouse Gas -Waste and Management Emissions Byproduct -Water quality -Efficiency Management -Conservation -Water Stewardship -Air quality and Atmospheric -Circular Economy emissions

9 Corporate Sustainability Goals

Environmental Social

Reduce by 50% absolute greenhouse gas emissions • Increase the share of women by 50% to by 2030 23.1% of the workforce by 2025 • Increase by 50% the share of women in management positions to 31.7% by 2025 • Reach 2.5% persons with disability by Enacting our 2025 corporate Reduce by 25% the industrial purpose and use of water per metric ton sustainability produced by 2025 strategy, in 2019/20 we Innovation introduced ambitious ZERO industrial waste to landfill Environmental, by 2025 people and innovation 30% 20% 10% goals Of process Of sales of all three Of reaching the improvements by business areas by 2025 concrete 2025 should come should come from new environmental goals from digital and innovative Add 100,000 hectares for should be achieved innovation and products which we through innovative conservation and protection by data use. didn’t offer as of technology. 2030 January 1, 2020.

10 Sustainability Initiatives and Projects

Reducing GHG Reducing industrial Being Zero industrial Adding more hectares emissions water use per metric waste to landfill for conservation and ton produced protection

- Switch or replacement of - Studies of water use - Studies for waste and by- fossil fuels activities in plants to product reduction and - Electromobility understand reduction recovery opportunities - Contracts for renewable possibilities - Zero waste Clean - Enhancing our electricity from the grid - Reduction of water use Production Agreements Conservation Strategy - Other projects through through recovery and (APL) in selected sites with a strong innovation recycling - New technologies with governance - Implementation of Energy - New technologies with higher resource efficiency Management Systems higher resource efficiency - Development of new (EMS) and other - Developing new composting facilities operational efficiency instruments to measure - Alliances with third parties programs water circularity and development of new solutions

11 International Collaboration WBCSD Forest Solutions Group

Forest Sector SDG Roadmap Members of the GHG (2019) Circular bioeconomy: Protocol Carbon the business opportunity Removals and Land contributing to a Sector Initiative sustainable world (2020) CMPC as co-chair and CEO presented at UN on behalf of the Joint initiative WRI and WBCSD Forest Sector

CMPC Member of the Advisory Actively managing the nine SDG Board impact opportunities Partnership with BCG Guidance will determine how Launch of implementation report companies account and report on (Dec. 2020) carbon capture and removals/emissions from land use

12 CDP and CDP Supply Chain

Improved performance on all 3 CDP questionnaires

Questionnaire 2017 2018 2019 Selected for Water A List as Deforestation B B- B one of 72 companies worldwide (2400+ reporting Climate Change C C B companies) to receive this recognition for management Water Security D B- A and transparency.

A: Leadership; B: Management; C: Awareness; D: Disclosure

First year - Supply Chain Program

Critical Supplier Identification of Response Invitation Analysis Action Criteria Definition Critical Suppliers Collection

Critical Supplier Criteria • Annual spend • Critical services or suppliers • Low substitution Pulp Softys Biopackaging Suppliers • High volume 60 Suppliers 51 80 Suppliers

A total of 97 individual suppliers were engaged in the process

13 Dow Jones Sustainability Index

For the 6th year CMPC has been included in the family of Indexes

Since 2015 we are members of the Chile index, since 2017 of MILA (Pacific Alliance) and since 2019 of the Emerging Markets Index

This year CMPC achieved 71 points, our best score so far, ranking 2nd in the Paper & Forest Products sector globally

CMPC Industry Global Year Percentile Indexes score average Ranking 2015 38 11 67 - Chile 2016 60 50 58 6° Chile 2017 59 56 54 5° MILA, Chile 2018 56 73 34 4° MILA, Chile

Emerging Markets, MILA, 2019 65 75 36 3° Chile

Emerging Markets, MILA, 2020 71 92 42 2° Chile

14 Other Indexes and Recognition

2014-2019 2015-2019 2020

Designed to measure the CMPC is part of Included among the 100 performance of large and this index since 2015 in companies with the best mid cap segments of the the Emerging ESG performance in the Chilean market and Emerging Latin Emerging Markets index. integrating ESG aspects. America indexes.

Recognitions

2020

Accessibility

15 Reporting and disclosure

Cornerstone of our reporting strategy: Annual Integrated Report and Sustainability in accordance with GRI and IIRC guidelines and principles

Serving as Communication of Progress (CoP) for the UN Global Compact

Website: www.cmpc.com/en/sustainability and ir.cmpc.com

Green Financing Impact Reports

Disclosure to external entities and evaluators:: DJSI, CDP, Sustainalytics, and others

16 Memberships

Since 2018, CMPC’s sustainability strategy and objectives hace been aligned with the Sustainable Development Goals (SDGs) of the UN Global Compact and its 2030 Sustainability Agenda. committees of:

The World Business Council for Sustainable Development (WBCSD) is an organization of over 200 leading businesses working together to accelerate the transition to sustainable world. CMPC is a member go the Forest Solutions Group within the organization.

Acción Empresas represents the WBCSD in Chile bringing together the main local companies towards Sustainable Development. CMPC participates in the climate Change Committee providing seminars and other education on topics of sustainability and climate change.

Corporate Leaders Group for Climate Change collaborates with government officials on environmental regulations. The CEO of CMPC, Francisco Ruiz-Tagle serves as a Director in its corporate governance.

17 Q&A CMPC I n v e s t o r D a y

Biopackaging Business

Jorge Navarrete We offer packaging SOLUTIONS, from natural FIBERS, that enable our customers to protect, transport and promote their products in a sustainable way

BOXBOARD CORRUGADOS SACK KRAFT EDIPAC

Corrugated: Vertically integrated business Vertically integrated Distribution of paper Carton board (folding including recycling, business producing products, including CMPC containerboard production at one boxboard grade, FBB) for kraft paper at one mill products from the three mill in Chile (Puente Alto), and consumer packaging, in Chile (Laja), and other business and 3rd produced at 2 mills in Chile conversion to corrugated boxes in sack conversion Overview party graphic paper (Maule and Valdivia). three plants. operations in 4 countries (Chile, No downstream conversion Molded Pulp: Mexico, Peru and Production and distribution operations. Business based in packaging from Argentina). of retail paper bags molded pulp, e.g. for eggs and fruit.

Examples

USD 394 Million USD 277 Million USD 152 Million USD 68 Million Revenue LTM

20 With industrial operations in 4 countries and a strong logistics network that give us a strong platform for future growth Paper Sacks x2

Our Biopackaging business Paper Sacks

Industrial operations: x1 Chile, Peru, Mexico, Argentina

3,500 workers directly employed Boxboard Molded Pulp Trays Products marketed in 71 countries x2 x1P&W 13 production facilities, over 737.000 Paper Sacks metric tons of paper production Containerboard Paper Sacks x1 Well-diversified customer base over 4.000 customers world wide x1 x1

Corrugated BoxesOther Papers x3 x1

21 We are in the market that represents more than 50% of final paper consumption

Product segment Description and demand trends Demand 2019 Demand 2024 CAGR Mn metric tons Mn metric tons 2019-2024 ▪ Paperboard used to manufacture corrugated boxes, primarily for 100% = 415 427 +0,6% Containerboard transport and industrial packaging ▪ Growing demand, following industrial activity

▪ Cartonboard for consumer Cartonboard, packaging, sack and bag paper, 170 189 +2,1% kraft and and diverse specialty papers specialty ▪ Rising disposable incomes, urbanization driving demand for non-durable packaged goods

▪ Woodfree or mechanical paper 94 Graphic papers for copy paper, books, catalogs, 100 +1,2% ▪ Printing/writing newspapers, and magazines ▪ Newsprint ▪ Declining demand due to substitution with digital media Printing/ writing 92 ▪ Low-density, absorbent paper 79 -3,1% used in personal hygiene and food service industry, eg., Newsprint 11 Tissue napkins, 17 -7,8% toilet paper 40 48 ▪ Demand driven by population 3,4% growth and rising incomes SOURCE: RISI; McKinsey 22 WHO WE SERVE Global and regional leading companies

Boxboard Sacks Corrugated

23 OUR BUSINESS FOCUS Growth, profitability and sustainability Revenue LTM: USD 872 Million EBITDA LTM : USD 94 Million

Revenue Million US$ EBITDA (Million US$)

24 OUR BUSINESS FOCUS Our goal is to increase significantly our EBITDA organically by 2023

GROWTH PROFITABILITY SUSTAINABILITY

Commercial effectiveness: Closer to our clients, faster, better, S&OP Reduce greenhouse gas Ensure organic growth on the back of Achieving commercial and operational emissions, industrial water increased output. synergies consumption and eliminate waste for final disposal Increase market share in different Shared procurement and optimizing our businesses supply chain Developing sustainable and innovative products Capturing market changes opportunities Pursuing operational excellence: Deepen the Best program in Maule and Respecting and developing our Inorganic opportunities implementation in other plants. neighboring communities Innovation Program

Talent and Cultural Change

25 CERTIFIED AT World standard levels

26 BIOPACKAGING BOXBOARD BOXBOARD OUR BUSINESS FOCUS Maule Mill Strategic Priorities:

Our Strategy in Boxboard for the next 3 years is based on 2 pillars: commercial improvement and operational efficiency, with supply chain improvement as an enabler:

• Increase our sales • Focus on sales growth in USA • Consolidate our position in Europe • Recover historical position in Latam Valdivia Mill • Develop non-traditional markets

USD 394 million Revenue LTM Sept.20

28 BOXBOARD OUR VIRGIN FIBER The reason why we are cost leaders

Availability and access to low cost Boxboard Cost Curve vs. local sustainable Fiber suppliers for the US Market

Radiata Pine

29 BOXBOARD WHO WE SERVE Food service and consumer goods

Food Beverage & liquors Consumer Goods Pharmaceuticals

30 BOXBOARD We have a strong Innovative plan Replacing plastic packaging for sustainable and innovative paper-based products

We are developing new boxboard products with grease and moisture barriers.

31 BOXBOARD INNOVATION Replacing plastic packaging: some examples in development

32 BOXBOARD INNOVATION Seizing new growth opportunities: Food delivery market

33 BIOPACKAGING SACK KRAFT SACK KRAFT OUR BUSINESS FOCUS Enhancing our sacks business

Sack kraft Strategy Increase our capacity of paper sack Operational Excellence Program

Irapuato plant Mexico Purchase, 1 plant in Irapuato. Capacity of 60 Several projects underway to improve Main Focus million sacks/year. our OEE% Other markets

Our goal is to reach world-class benchmarks of 55% by 2024.

Based on growing in the US, Mexico and Purchase of 3 used-lines to be deployed others in LATAM, while protecting in the region for a total net capacity leadership position in Chile and Peru. increase of approx. 90 million sack /year.

35 SACK KRAFT Building materials WHO WE SERVE Food & agricultural products Industries driven by population growth Chemicals & minerals

36 SACK KRAFT INNOVATION: Growing in new markets Replacing plastic packaging for sustainable and innovative paper-based products

Pet Food sack Delivery sack E-commerce sack

37 SACK KRAFT We have an ambitious innovation plan Replacing plastic packaging for sustainable and innovative paper-based products

Dy-sack Fish flour

38 BIOPACKAGING CORRUGATED CORRUGATED OUR BUSINESS FOCUS Important Growth

Containerboard: operational Increase in Corrugated Box Market Share Molded Pulp: Business Renovation excellence program Sustain a strong market share through We intend to strengthen our position in the deployment of an operational Reach a world-class operational level in Chile and grow our market share by excellence program and the renewal of paper machine 20, through the leveraging on our competitive production machinery. advantages (scale, fully integrated). implementation of an operational excellence program that will allow to maintain an OEE of 86% over time, and a This growth should come mostly from level of environmental compliance of an organic sources. international standard.

Increase capacity, through an investment plan and excellence program. 40 CORRUGATED WHO WE SERVE Chile’s main exporting sectors and domestic market

Produce Wine Industrial Salmon

41 CORRUGATED INNOVATION: a robust innovation process Replacing plastic packaging for sustainable and innovative paper-based products

Plastic Solution Our paper Solution

42 CORRUGATED INNOVATION Seizing new growth opportunities: Shelf-ready paper-based packaging

Retail Ready packaging

Cardboard boxes with pre-cuts, ready to be exhibited in supermarkets.

Retail-ready packaging global market is worth ~USD 65 billion and has a CAGR 20-25 of 4,3% 43 CORRUGATED INNOVATION Replacing plastic packaging for sustainable and innovative paper-based products

Plastic seed container Molded pulp seed container

44 CORRUGATED OUR RECYCLED FIBER We have the largest paper recovery operation in Chile

400,000 tons 21 The number of This is how 12 The amount of paper times we could fill the We supply our Locations throughout we recover in Chile ‘Estadio Nacional’ with corrugated Chile every year that much paper and Softys businesses

45 BIOPACKAGING EDIPAC EDIPAC OUR BUSINESS FOCUS New products – retail paper bag

Three new bagging machines were installed in Edipac, which are in the start-up Edipac strategy seeks to maintain stage. These machines will allow us to leadership in the marketing and distribution capture an important part of the retail bag of papers and paper products, leadership market. in cost and excellent service. Capacity more than 80 million bag per year.

47 Q&A Strategic Update Shaping the meaning of care

Gonzalo Darraidou, CEO Softys November 24, 2020 49 I n v e s t o r D a y 2020

V I D E O 3

50 Overview Softys at a glance

#2 largest producer of Tissue in Latam and #8 worldwide

Commercial Top 5 largest player presence in 15 in Personal Care in Latam markets the region

More than 10.000 20 production sites FTE in our team in 8 countries

5151 Source: Softys, as of November 2020 Financials figures Q3 LTM Softys at a glance

Revenue EBITDA EBITDA Margin

2.099 285 13,6% US$ mm US$ mm

Tissue volumes Diapers volumes Fem Care volumes

817 4.206 1.412 Mton MM Units MM Units

Consumer Tissue revenue AFH revenue Personal Care revenue

LTM - YoY LTM - YoY LTM - YoY

+6,6% +6,7% -20,4%

Q3 '19 Q3 '20 Q3 '19 Q3 '20 Q3 '19 Q3 '20 5252 Source: Softys, as of November 2020 Softys’ transformation journey

Success is a journey, not a destination53 Softys’ transformation journey Rebranding: creating one culture & identity

What’s our Purpose? What do we stand for?

We develop brands that provide the Quality innovation care people need everyday and in Sustainability commitment every stage of their lives Being available to people

5454 Softys’ transformation journey Management & People

“We execute with passion in the point of sale and we approach our consumers and clients with the best strategies to strengthen our presence in each market ”

Luis Delfim Francois Bouyra Sebastián Reyes Renato Zapszalka General Manager General Manager General Manager General Manager Softys Brazil Mexico and CAC Softys Chile Softys Sepac

“We seek operational excellence and develop capabilities that allow agility and sustainability in our Gonzalo Darraidou operations and supply chain, CEO Softys positively impacting the Pedro Urrechaga Pedro Muzzio communities in which we operate” Chief Andean & River Chief Industrial Development “In Softys we feel inspired to develop our maximum Plate Region Officer & Supply Chain Officer potential, achieving superior profits through innovative brands and taking care of our stakeholders” “We develop brands that generate value to our consumers and clients, innovating through products and solutions for everyone’s care” “We create together the Softys experience through our purpose and values, and live one culture that permanently inspires our maximum performance” Rafael Schmidt Nicole Sansone Jose Miguel Porraz BU Head: Tissue, Innovation BU Head: Personal Care BU Head: Away and Development & Sustainability From Home

“We aspire to be profitable and competitive, taking advantage of our regional synergies in order to understand and learn more about our markets, allowing us to seize new business opportunities to offer added value to our costumers and Maye Alessandrini Cristóbal Somarriva Felipe Arancibia Alfredo Bustos Jorge Valdivieso clients” Chief People & Chief Legal Chief Financial Chief Data Analytics Chief Development Organization Officer Officer Officer Officer and M&A Officer 5555 Note: BU = Business Unit Softys’ transformation journey Projects and organic growth

Zárate

Capex: US$ 128,9 mm

Start production date: Mar, 2020

Capacity: 60 Mton / year

Cañete

Capex: US$ 129,7 mm

Start production date: Feb, 2017

Capacity: 60 Mton / year

5656 Softys’ transformation journey Transformational acquisitions

Acquisition date: Apr, 2019 Market leader in Arequipa, with more than 60% market share

Acquisition date: Oct, 2019 Latam benchmark in consumer tissue industry Cost competitive structure

5757 Softys’ transformation journey Sustainability

ENVIROMENTAL WATER GOALS CHALLENGE

Implement technologies and processes that allow us to make our water use and consumption more efficient 3 winning projects and 1 solution to be implemented in a Latam community

Over 400 solutions participating in the application process

The project “Isla Urbana” won the first Water Challenge with a price of US$ 20.000 + support to deploy the solution in a local community Reducing our emissions Value generation of greenhouse gases from our waste and byproducts, in scopes 1 and 2 avoiding sending them to landfill

5858 I n v e s t o r D a y 2020

V I D E O 4

59 Softys’ transformation journey Accelerating Digital Transformation & Innovation Digital Transformation Innovation

Ad-hoc digital structure Annual event to foster discussion Organizational restructuring with around innovation with clients new Data & Analytics role, and top-notch guests reporting directly to the CEO

An innovation Accelerating e-commerce competition open to all Softys collaborators We recently launched websites mitiendacotidian.cl, clubsoftys.cl and lojasoftys.com.br as the company’s first e-commerce sites to develop the subscription model in mass market brands Smart Diaper We took the fastest way in order to adapt to market requirements

Robotics, automation & procurement platforms Softys has financed a Implementing automation projects research project at the all across the organization. MIT to innovate in baby (i.e. SAP ARIBA platform) diaper technology

6060 Softys’ transformation journey Cost saving programs

Zero Base Logistics Budget optimization

Operational Procurement Sepac best TPM Hunt for efficiency excellence practices Cash

SKU optimization

Creating value through cost and expenses optimization 6161 2020: Managing the crisis

What doesn’t kill you, makes you stronger “Friedrich Nietzsche”

62 2020: managing the crisis Softys response to the crisis

Three main pillars to succeed during the crisis Strong financials result in a volatile environment 9M‘20

Taking care of our people US$ 1.541 US$ 222 14,4% and consumers Revenue EBITDA EBITDA Margin + 0,4% YoY + 62% YoY + 550 bps YoY

Tissue volumes Personal Care volumes

YTD - YoY YTD - YoY

+17,6% +17,9%

Ensuring Being agile to operational thrive in a volatile continuity environment

Q3 '19 Q3 '20 Q3 '19 Q3 '20 6363 Source: Softys, as of November 2020 2020: managing the crisis Riders on the storm

The Storm What we observed Taking care Our reaction of our people

. Lockdowns . Impoverished consumer . Health and wellbeing . SKU’s rationalization .protocols . Severe FX volatility . Greater hygiene . Face masks .concern . Home Office . Unemployment . E-commerce . E-commerce . Engagement surveys . Local community . Psychological support . . .management .and virtual training . Design-to-value . Active and present . .products .leaders 6464 Softys’ vision for the future

65 Softys’ vision for the future Softys’ Business Plan 2023

Building a Sustainable and Profitable Leadership

Brands Go-To-Market Competitiveness Sustainability Culture

Building brands that Execution at the Strengthening our Enhancing Living a culture that create value point of sale discipline and capabilities to care inspires our maximum agility to win for our environment performance

6666 Softys’ vision for the future Key aspects to consider

Rebalancing portfolio Organic growth and M&A

Opportunity behind the market shares(1) Room for organic growth and optimization in tissue

Personal Care Consumer Tissue MS° Softys Latam 6% 25% MS° Softys Latam

Financial role in personal care categories Reinforcing Adult and Fem. Care business

C. Tissue Baby Care Adult Care Fem. Care Adult Care Fem. Care

Margin Medium Med - High High High+ Double digit Most appealing growth in Latam margins in the Growth Med - High Medium High Med - High for the next years industry

Brand value Actively seeking M&A opportunities in the region

P. Care 2% 22% 33% Private Label MS°(1) C. Tissue 7% 27% 56%

6767 Source: (1) Euromonitor 2019 FY Q&A

68 CMPC I n v e s t o r D a y

CMPC Pulp

Raimundo Varela INDEX

Context 2020 – COVID 19

What to expect in the short/mid term?

What to expect in the long term?

How is CMPC valued by our customers? 2020 was supposed to be a recovery year…. But Covid-19 appears

Inventories at Ports – China And Europe THE SHORT STORY 2.500.000 2500

2.000.000 2000 Chinese papermakers enjoyed enormous profitability 1.500.000 1500 during 2017 and part of 2018. This was due in large part to government intervention to promote their "Blue Sky 1.000.000 1000 Initiatives", closing several small and medium-sized paper mills. But as of mid-2018, P&B producers suffered 500.000 500 a drop in demand for the final product, due to 0 0 macroeconomic factors, added to the trade war between the US and China, affecting the entire chain,

and being trapped with huge inventories of pulp &

Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20

Jun-18 Jun-19 Jun-20

Feb-18 Feb-19 Feb-20

Dec-17 Aug-18 Dec-18 Aug-19 Dec-19 Aug-20 Aug-17 paper, therefore, starting a “destocking” period. What happened in China also affected the rest of the Changshu (MT) Qingdao (MT) Gaolan (MT) NL/B F/CH UK GER IT SP Total MT world…

At the end of 2019, it was estimated that 2020´s Post COVID projected global demand and growth rates (million demand would grow Pre COVID projected global demand and growth rates (million tons) tons) around 0,9 million tons. 2019 % Tons 2020 % Tons 2021 2019 % Tons 2020 2021 However, right after the covid, it was projected to SWD 26,2 -0,5% -0,1 26,1 1,0% 0,3 26,4 SWD 26,2 -3,7% -0,91 23,4 24,1 lose two-year average Average HWD 33,7 3,1% 1,0 34,7 2,7% 0,9 35,6 Average HWD 33,7 -2,3% -0,81 34,2 35,5 demand growth. TOTAL 59,9 1,6% 0,9 60,8 2,0% 1,2 62,0 TOTAL 59,9 -2,9% -1,72 57,6 59,6 Annual Annual +0,9 +1,2 Differential Differential -1,7 +2 Change of 2,6 million tons in 2020´s estimates

71 World changed…. How end use mix changed in 2020? BCP End Use 2020 BCP End Use 2019

P&W; 24%

P&W; 26% Tissue; 42% Tissue;39% Packaging; 9% Packaging; 9% Specialties; 15% Fluff; 10% Specialties; Fluff; 10% 16%

P&W

P & W TISSUE This segment was already in decline before the pandemic. The Digital Transformation accelerated by COVID is expected to increase the decline in demand for P&W in the coming years. The consumption of hygiene products has been benefited from the pandemic and has raised the global standard of hygiene. But the demand for P&W is also expected to reach its essential level (stationery and office supplies) and stabilize.

Very fragmented market (uncoated, coated, newsprint, etc) 72 How did CMPC adapted to this “new normality”?

End Use Segment Mix CMPC 2020 vs 2019

36% 32% 30% 30%

23% 21% Following the global trend, CMPC also adjusts its portfolio to tissue segment and decreasing its exposure to P&W segment.

8% 7% 6% 7%

Tissue Trader Specialties Packaging P&W

2019 2020

73 Pulp Shipments in times of Covid

Pulp Market Shipments

-800 KTon, .-1,3%

5.800 +145 KTon, +0,3% 5.600 5.400 5.200 Global demand rose 0,3% versus year-ago- 5.000 level until September. Softwood demand 4.800 continued to decline (-2,2% y-o-y) while hardwood grew 2,4% versus year-ago level in 4.600 2019 September. 4.400 2020 In 2019 there was a 4.200 Even with those growths the demand is In 2019 there was a 2020 expected to decrease 800K tons in 2020 (600K volatility of shipments. 4.000 Forecast in softwood and 200K in hardwood) Thevolatility first half of was shipments. 3.800 extremelyThe first halfweak was as Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec consumersextremely de weak- as stocked,consumers so right de -now y-o-y % change thestocked, comparisons so right look now verythe strong. comparisons But the look secondvery strong. half of But 2019 the second half of 2019 was very strong so 16% nowwas we very are strong seeing so a 12% 11% Softwood decreasenow we in are demand. seeing a Demand in Europe began to 7% 8% 7% Hardwood decrease in demand. recover in Q1 after a weak 2019. 3% 3% 2% Europe is still affected by the pandemic (-8,1% r'2019 -1% 0% -2% cumulative). Meanwhile in China the accumulated shipments -7% -7% continue to be positive, +3%. -11% -10% -12% -12% North Western Eastern Latin Japan China Other Oceanía TOTAL America Europe Europe America Asia/Africa

74 Demand recovering but with an oversupply mainly in hardwood

End Use Segment Mix CMPC 2020 vs 2019

70 100% Why the market is From 2018-2019 with oversupplied? 98% oversupply… 65 96%

94% 60 We came from an oversupplied Brazilian production increased 92% market in 2018-2019, where production of aprox 1 million tons demand grew less than previous more of hardwood than 2019 55 90%

years (1% in hardwood and 5% in Ratio % Ratio 88% softwood in 2019). It started a Integrated P&W mills together with destocking process. DP producer selling pulp in the tonnes of millions 50 86% market. Boom of tissue demand helped at 84% the beginning of the pandemic, Less downtimes than expected 45 but then normalized, so it didn´t because of covid  “More resilient 82% replace demand loss from other pulp mills”. segments. 40 80% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Capacity 52.425 51.980 52.380 54.670 55.080 56.450 57.385 59.660 61.285 63.705 65.715 66.640 66.585 66.960 Demand 45.720 46.075 47.120 49.715 50.580 51.995 52.755 54.250 55.680 58.095 58.065 59.840 59.025 60.080 Ratio 87,2% 88,6% 90,0% 90,9% 91,8% 92,1% 91,9% 90,9% 90,9% 91,2% 88,4% 89,8% 88,6% 89,7%

75 Let´s go into details… What happened in China?

China Net Prices BHKP/NBSK (USD/Ton, c.i.f.)

China Net Prices BHKP/NBSK (USD/Ton, c.i.f.) 899 900 886 895 891 885 873 877 877 The pulp market started to recover 855 853 841 880 in China, mainly in long fiber. 828 830 Demand in the P&W and Board 764 767 770 771 769 770 770 772 753 759 761 762 762 segments are improving, which was 735 750 780 reflected in paper prices increases. 701 708 708 698 690 697 699 730 671 660 667 653 The tissue segment remains 631 691 683 680 666 relatively weak compared to the 641 651 601 630 579 583 583 boom during the first half of the 571 571 566 567 568 567 574 578 570 566 561 558 580 year. 577 508 482 483 530 471 471 461 458 458 462 462 464 465 445 443 445 480 430

FOEX BHKP FOEX NBSK Source: Fastmarkets RISI - FOEX

76 What happened in China?

Paper Price

+26%

6.000 FBB (RMB) An indicator of good demand is paper prices 5.500 Coated (RMB) recovery. Board's prices have increased dramatically 5.000 Uncoated (RMB) these past 4 months. The prices of Tissue and P&W have a downward trend, although the latter have 4.500 Radiata (RMB) experienced slight increases in the last month. 4.000 3.500 BEK (RMB) 3.000 jan.-19 mar.-19 may.-19 jul.-19 sept.-19 nov.-19 jan.-20 mar.-20 may.-20 jul.-20 sept.-20

China Paper Production 15

10 +7% 5 The production of paper & board reached minimum +0,1% levels during the first quarter of 2020, falling by 9.4% 0 with respect to the previous year. In August, the -5 recovery trend continues, with a 7% recovery in paper production over the same month last year. Cumulative -10 is +0.1% vs. 2019. Monthly Growth -15 Accumulated Growth -20 Jan - Mar Apr May Jun Jul Aug Sep Oct Nov Dic Jan - Mar Apr May Jun Jul Ago Feb 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 Feb 2020 2020 2020 2020 2020 2020 2019 2020 Source: Forecast Pulp Analysts 77 Shanghai Pulp Futures Price…. A Challenge for BSK Suppliers

On China´s softwood market, the Shanghai Futures SHFE BSKP: SHFE pulp futures VS PIX CHINA exchange has taken a lot of relevance lately. It has even influenced spot prices.

650 MARKET IMPLICATIONS

Future prices indicate market expectations 620 Greater transparency in reference prices, this implies less time of "price discovery 590 Increase in the sophistication of market analysis due to the participation of new actors, such as institutional investors. 560 Possibility for producers and consumers to set long-term flows, which reduces investment risk, allows better access to credit, 530 among others.

The futures market allows for greater leverage. 500 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Risk of disconnection between market speculation and market fundamentals, which can create "over hype" and FuturoFuture (USD) FOEXFOEX bubbles.

The SHFE had a long positive run during the second part of the year, getting to a peak during August and early September. It has been part of the reasons that has allowed prices on this fiber to recover, during the last months.

78 What happened in Europe?

Europe Net Prices BHKP/NBSK (USD/Ton, c.i.f.)

871 873 873 873 873 Europe has a fragile recovery due 900 854 857 833 to Covid-19 and pre-existing 805 797 political challenges. 777 781 760 752 746 746 746 746 746 746 752 780 731 734 731 735 733 Hardwood list prices has remained 718 728 705 709 713 704 710 702 692 unchanged throughout the year 683 678 687 670 664 (USD $ 680/gross), NBSK stayed flat 650 651 659 659 656 633 638 638 until September but should follow 660 623 612 588 China in the short term. 579 575 567 562 563 570 565 561 563 558 558 549 551 560 542 Overall sentiment remains very 540 499 485 483 482 482 483 483 483 483 483 483 483 cautious due to weakness in end- use markets and the second Covid breakout after summer. 420 jul-17 sept-17 nov-17 jan-18 mar-18 may-18 jul-18 sept-18 nov-18 jan-19 mar-19 may-19 jul-19 sept-19 nov-19 jan-20 mar-20 may-20 jul-20 sept-20

FOEX BHKP FOEX NBSK

79 What happened in Europe?

Paper Prices Paper Production

-1,3% 0,3% -3,4% -2,9% -2,9% 1.100 -4,3% -5,0% -5% -5,7% 1.000 -6,2% -6,2% PIX Paper UWF -8,2% 900 -10,1% -4% 800 -13,0% PIX Paper CWF 700 -16,5% 600 FOEX NBSK 500 FOEX BHKP 400 jan.-19 apr.-19 jul.-19 oct.-19 jan.-20 apr.-20 jul.-20 oct.-20 Source: Aspapel (Jan-Aug 2020 vs 2019) P&W

CWF continued to suffer from the effect of the spread of the coronavirus and UWF demand slow to recover, meanwhile prices were largely steady month on We can see that in Jan-Aug 2020 paper and board production have fallen in month. almost all European countries, except in Poland.

Source: FOEX 80 INDEX

Context 2020 – COVID 19

What to expect in the short/mid term?

What to expect in the long term?

How is CMPC valued by our customers? Supply Demand Balance 2020-2021 - Hardwood

2,0 1,8 1,6 1,4

1,2 BHKP Capacity Expansion 1,0 0,8 BHKP Demand Expansion 0,8 BHKP Capacity Projection 0,6 0,4 0,5 0,2 0,0 0,1

-0,2 -0,2 -0,4 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 HW Demand 33,7 33,5 34,3 35,2 36,3 37,4 HW Capacity 37,8 37,9 38,4 40,1 41,8 42,0

The consensus expectation is that pulp prices can only improve from here, with the end of the lockdowns and production shutdowns seen as a major catalyst. Prices has been below the marginal cost for more than 12 months.

High cost production mills continue running, so that´s why, the oversupply is preventing price increases . Although we expect that current Price gap between fibers should push HW demand. 82 Supply Demand Balance 2020-2021 - Softwood

1,4 1,2

1,0

0,8 0,6 BSKP Capacity Expansion 0,4 BSKP Demand Expansion 0,3 BSKP Capacity Projection 0,2

0,0 -0,2 -0,2 -0,2

-0,4

-0,6 -0,6

-0,8 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

SW Demand 26,2 25,6 25,8 25,9 26,3 26,7 SW Capacity 28,8 28,7 28,5 29,0 29,6 30,1

In terms of demand, there is a 600K tons loss estimate, but we should take into account that in 2019 this fiber grew 6% (1,4 million tons).

Oversupply in this fiber is not so evident, because there has been more unplanned downtimes than in hardwood, this year.

In the short term there are not big projects announced. 83 Different Analysts projecting uprising prices for the next months

NBSK Net Prices China BHKP Net Prices China

Pulp prices have already reached their lowest level. Softwood has been rising Pulp market suffered a major correction through the second half of 2019 and in the last months, but hardwood is more exposed to oversupply, so there will early 2020, even before the Covid-19 affected global economy. be a delay in price increases. For 2021 and 2022 analysts are forecasting a recovery

Source: Forecast Pulp Analysts 84 New trend High Inventories Level

Chinese Port Inventories European Port Inventories

Level 19-20´ =1.800k

Level 19-20´ =1.700k

Level 17-18 =830k Level 17-18 =1.100k

Since 2019, economic conditions such as trade war between the USA and China, covid, etc. have increased the level of uncertainty across markets, which has resulted in a permanent increase in the level of inventories in the main ports of destination for pulp. It seems to be a structural change converted to a new long term trend.

Source: Cellmark, Europulp 85 Gap between fibers should also push hardwood demand – A possible trend?

China Net Prices BHKP/NBSK (USD/Tonne, c.i.f.)

From mid 2019 Price gap between hardwood and softwood has been increasing. This should push fiber substitution, contributing to a price hike for hardwood in the short term.

Source: Fastmarket RISI - FOEX

86 INDEX

Context 2020 – COVID 19

What to expect in the short/mid term?

What to expect in the long term?

How is CMPC valued by our customers? Supply Demand Balance 2020-2024 - Hardwood

Global BCP demand is forecasted to rise by an average of 0.85MT per year, which will primarily be in eucaliptus, and mainly from China. Asian hardwood production will probably remain flat, but it will depend partly on the level of integration.

In the supply side, Arauco Mapa, Bracell in Brazil and UPM Paso Los Toros in Uruguay are the major expansions, although there is some uncertainty about Bracell’s real volume.

BHKP Capacity Expansion 2,0 1,7 1,7 BHKP Demand Expansion 1,8 1,6 BHKP Capacity Projection 1,4 1,1 1,1 1,2 1,0 1,0 0,8 0,8 0,6 0,4 0,5 0,2 0,0 0,1 0,2 -0,2 -0,2 -0,4 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

HW Demand 33,7 33,5 34,3 35,2 36,3 37,4 88 HW Capacity 37,8 37,9 38,4 40,1 41,8 42,0 Supply Demand Balance 2020-2024 - Softwood

Most of the demand growth will come from China and from northern softwood.

In terms of supply there are not big projects announced. Only some nordic projects of NBSK adding approximately 1 million tons in 2023-2024.

1,4 BSKP Capacity Expansion

1,2 BSKP Demand Expansion

1,0 BSKP Capacity Projection 0,8 0,6 0,6 0,4 0,4 0,3 0,4 0,3 0,2 0,1 0,5

0,0 -0,2 -0,2 -0,2

-0,4 -0,6 -0,6 -0,8 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

SW Demand 26,2 25,6 25,8 25,9 26,3 26,7 SW Capacity 28,8 28,7 28,5 29,0 29,6 30,1 89 Where will the growth come from in the next years?

Paper production 2019-2024 BCP Demand Forecast 2019-2024

2020 2021 2022 2023 2024 2.100

1455 1515 China: 5 year growth 1.400 average; 800K 1055 1050 tons/year 1260 1315

870 950 700 200 405 185 100 195 0

-820 -700 -1225 -1.400

China Rest of the World Total

Source: Outlook Hawkins Wright August 2020 Although in 2020 there has been a “boom” for Tissue segment, we expect on the following years that its demand continue increasing. Economic growth in developing countries will increase per capita consumption.

On the other hand, P&W is already affected by digitalization, climate change awareness and new consumption habits, and will continue to decrease the next years.

These effects will add 4,4 million tons of demand to the market in the next four years. 90 Product Innovations

There is an environmental need to look for materials that replace plastic, where pulp plays a key role, in addition to new technologies that allow "decommoditization". In CMPC we want to expand our offer of value-added products and services in a profitable and sustainable way.

Search for comprehensive solutions to customer needs

Different bleached grades, New sustainable packaging softness and strength based on fibre New type of plastic 3D fibre

91 INDEX

Context 2020 – COVID 19

What to expect in the short/mid term?

What to expect in the long term?

How is CMPC valued by our customers? CMPC Pulp High valued by our customers

In order to measure the satisfaction of our customers, we carried out an annual survey in which we measured 12 dimensions which respond to environmental, internal social, external social and corporate governance issues.

Following the good results of the previous year, the reception was quite favorable, with a result of 85% favorable response, which earned us the certification for clients of the Stakeholders Sustainability Index.

2018 2019

Environment Environment Internal Social Internal Social External Social External Social Corporate Governance Corporate Governance

93 Q&A CMPC I n v e s t o r D a y

Strategic Vision

Francisco Ruiz-Tagle We are deeply committed in being leaders in biosolutions, to active it, we are working on…

Profitability & Grow Efficiently People Innovation Sustainability Efficiency

To be leaders in customer services To become a leader and brand value Expand our businesses Embrace a dynamic To be best in class in in innovative solutions with capital efficiency culture that allows us sustainability and an To be benchmark in and products, to attract and active player in the our industry in Increase our through new develop the best communities where efficiency and performance in the technologies and talents we participate profitability execution of CAPEX digitalization Excel in procurement

96 Commercial & Operational excellence in Pulp

Pulp Wood Products Forest

Broaden the fiber basket and develop specialty products such as ecobright Increase our fiber supply and microfibers Value added products such as fire Improve forest yield retardant and water resistant plywood Be more international with local presence: CMPC Europe and CMPC Develop construction solutions and Shanghai engineering wood products Increase OEE Increase OEE +11% Decrease cash costs by 5% +35,7%

1975 2020 2042 m3ssc/ha/year(1) Radiata Pine MAI Chile SW 20 MAI Chile HW 43 +43% Pulp OEE 2016 2018 2019 *2020 Goal Wood Products OEE 2016 2018 2019 *2020 Goal MAI Brazil 43 +27% Softwood pulp 68% 72% 74% 74% 85% Plywood 60% 68% 68% 71% 85% Hardwood pulp 65% 77% 74% 73% 85%

1975 2020 2042 Eucaliptus

(1) 2020 Mean anual increment 97 Profitability and Efficiency in Biopackaging

Boxboard Corrugated Products Sack Kraft

Increase market share of corrugated Consolidate position in Europe, the USA boxes and molded products Increase volume by 70% by 2023 and Latin America, develop new markets in Asia and Oceania Innovate and develop new products, Innovate and develop new products for such as ecobox and papers for e-commerce, pet food and dissolvable Implement S&OP construction materials cement sacks Increase OEE through operational Increase OEE through operational Grow in the North American markets excellence excellence

Goal

2016 2018 2019 *2020 Goal 2016 2018 2019 *2020 Goal 2016 2018 2019 *2020 2021 2022 2023

Corrugating Sack Kraft Boxboard OEE 73% 73% 76% 77% 83% 79% 69% 68% 79% 89% Paper OEE Production (mill. 647 686 667 655 861 1.002 1.068 bags)

98 Commercial & Operational excellence in Softys

Clients Operations

Increase the share of digital channels such as e- Increase OEE through TPM operational program: already commerce implemented in more than 80% of production lines Improve sales capillarity to reach a broader customer Decrease cost through a procurement program base Exchange best practices between Sepac and Softys Use data analytics to optimize channels and campaigns Develop new products with better performance Design specific offers for each channel/country with a focus on strategic customers Implement S&OP

99 GROW IN PULP with capital efficiently

Forestry Debottlenecking Wind energy Wood Products initiatives projects new strategy

Increased CMPC’s forest base in Analysis of debottlenecking the Assessment of CMPC’s Brazil by 75 thousand ha over the Guaiba mill to improve Modernization of Mulchen Sawmill wind energy projects past 2 years production and diminish costs and Los Angeles Millwork to ensure wood availability for Production of Engineered Wood pulp operations and prepare for Increase Laja mill’s production Products like CLT/Glulam future growth capacity and integrate the production to papers

100 GROW IN PACKAGING investing efficiently

Boxboard Paper Sacks Corrugated

Growth potential with Laja mill modernization plan and installation of new conversion lines Modernization and debottlenecking of Titltil and Buin mills Acquisition of Samcarsa mill with capacity of 60 Plan in motion to increase mill. sacks sales volumes and market Through operational improvements share, optimizing pricing. Acquisition of 3 lines to install them in Mexico, and investments the production Peru and Argentina capacity of corrugated boxes will increase by 98 mill. m2 a year Market development as a result of plastic bag ban in Chile: 3 new conversion lines in Chile

101 GROW IN SOFTYS investing efficiently

Strengthen our leadership countries

Consolidate our leadership positions in LatAm

Brand investment & consolidation

Increase capacity and local know-how in Mexico and Brazil

Continue to analyze organic and inorganic growth in Mexico and Brazil to gain go-to- market capabilities and market share

102 Prudent Financial Management & Conservative Financial Policies

2.5 x < Net Debt / EBITDA < 3.5x Interest coverage ratio > 0.5 x Financial debt to equity < 5.0x Cash > (18M Net Fin. Int.+ Amort.)

Net Debt / EBITDA Evolution

103 We are committed with the development of our employees and placing greater emphasis on issues of gender and inclusion

CULTURE Quarterly culture survey for 19,000 employees

50% of vacancies filled TECHNOLOGY & New HR management TALENT PEOPLE with internal MANAGEMENT system for over 19,000 candidates ANALYTICS people

Increase by 50% the amount of female DIVERSITY 4,000 people working online employees TRAINING & & 9,500 people trained last Reach 2.5% share of INCLUSION LEARNING year employees with disabilities

104 Innovation and Digitization are two strategic enablers. Working on four main focus areas in order to fulfill our 2025 Innovation Strategy

BOOST CORE DEVELOP THE CIRCULAR ACCELERATE DIGITAL COLLABORATE TO INNOVATION BIOECONOMY TRANSFORMATION INNOVATE

Wood as the future of construction (CLT, Glulam, Advanced analytics and machine learning implemented Set 2025 innovation structural lumber) Strengthening our alliance at 5 plants strategies and goals in each with the University of business unit Concepción (+20 initiatives Specialty cellulose (tissue, Best Academy: digital skills in progress) new whiteness, fluff) development program

Creation of CMPC Ventures: Launched the Beyond Creation of a new CMPC Plastic substitution (e- CVC vehicle with global program: What will the Data Department sustainable consumption commerce bags, primary reach scenario look like in the paper packaging) world by 2050? New solutions for customer CMPC Electromobility Transformation to biorefinery management (Salesforce, Roadmap (lignin, nanocellulose, tall oil) IBP)

105 We set our 2025 Innovation goals

30% 20% 10%

Of sales of all three Of process Of reaching the business areas by improvements by concrete sustainable 2025 should come 2025 should come development goals from new and from digital should be achieved innovative pro-ducts innovation and data through innovative which we didn’t offer use. technology. as of January 1, 2020.

106 In 2019 CMPC defined its sustainability goals with important achievements during the last two years

Zero waste in landfills by 2025 Conserve/ Restore/ Guaiba and Laja mills Reduce industrial Reduce 50% Protect 100.000 have operated throughout water use per ton by greenhouse gas hectares by 2030 2020 with zero solid waste 25% by 2025 emissions by 2030 disposal and Santa Fe with 93% reuse

2018 30,95 m3/ton 2018 2.317 th. tCO /y 2018 674 th. tons 2 2018 322 th. ha 3/ 2019 2019 31,33 m ton 2019 2.388 th. tCO2/y 326 th. ha 577 th. tons 2019 3/ 2020e 2020e 30,11 m ton 2020e 2.240 th. tCO2/y th. ha 480 th. tons 2020e 330 29,00 3/ 2021obj 2021obj m ton 2021obj th. tCO2/y 335 th. ha 400 th. tons 2.100 2021obj 2025 2025 23,22 m3/ton 2030 1.158 th. tCO /y th. ha 0 th. tons 2 2030 422

107 Q&A